Saleen Automotive in Deep Financial Trouble

[Slash]

http://jalopnik.com/mustang-tuner-saleen-says-it-owes-millions-of-dollars-1661373045

As a commenter pointed out, for such a common name, they really have little in assets. Wonder how long they'll be around before they go defunk.

 

[Eunos_Cosmo]

Hmmm. I have more liquid assets than a major corporation.

 

[Jubby]

They haven't come out with anything meaningful in a long time... since the S7. Sure, it provides many good aftermarket tuning options, but it ran up against the poor economy. Goodbye.

 

[phillgt2002]

defunk.

Heh.

I can't really remember the last good thing Saleen has come out with besides some beefed up Mustangs and Camaros that look kind-of goofy.

Their site is kind of funny with it's child like animations on the front.

 

[Dan]

Oh no!

I really hope someone can save the company. I always enjoy seeing what they come up with. Please don't go!

 

[LMSCorvetteGT2]

They haven't come out with anything meaningful in a long time... since the S7. Sure, it provides many good aftermarket tuning options, but it ran up against the poor economy. Goodbye.

Hey they worked really hard on that body kit for the Tesla. You take back what you said!!!


note to the oblivious I'm joking with Jubby

 

[Zenith]

Also the market for Fast and Furious looking Mustangs has been waning for a while now.

 

[BKGlover]

How do you accrue that much debt with so few assets and not have people breaking down the doors already? What's worse, this it Saleen V2, the company has already gone through one bankruptcy.

Steve, WTF?

 

[RACECAR]

What the hell have they been doing with all that money?

I can't really remember the last good thing Saleen has come out with besides some beefed up Mustangs and Camaros that look kind-of goofy.

Guess the S7 doesn't count then?

 

[McLaren]

No wonder their current crop of cars are so grossly overpriced.

 

[Tornado]

Considering there hasn't really been any need for the company to exist since 2009, it's not too terribly surprising. All they seem to have done in the past 5 years is questionable legal deals.

 

[phillgt2002]

What the hell have they been doing with all that money?



Guess the S7 doesn't count then?

Well, I guess what I said wasn't what I really meant. In my head, I was wondering what latest cars have they come out with that were actually worthwhile.

The S7 is pretty old as of now. It's a bad ass car, though.

 

[shmogt]

The worst part is they just came out with their Tesla model S and maybe a month later Tesla themselves came out with one 10x faster. Too bad they didn't wait and make a Saleen car out of that one that could rival super cars.

 

[Badasp5.0]

Once Ford started getting serious about putting Big HP in the Factory Mustangs Saleen was pointless. Saleens huge markup made sense for the SN95 S351s but not now.

 

[Northstar]

Perhaps they should follow the Hennessey business model and not actually deliver any of the cars people pay for.

 

[Badasp5.0]

There are now discounts on 2014 Saleen S302s from $47,690 to $36,995 according to the Saleen FB page.

 

[RACECAR]

They're having a "Going out of business" Sale already?

 

[Badasp5.0]

Their having a "Going out of business" Sale already?

Seems that way, or a last minute scramble for sales. One thing makes me wonder since they didn't mention the "new" S351 model in the sale, was it vaporware beyond the prototype?

 

[Kent]

zenith and badasp have it right.
Once Ford started building the recent generations with lots of power and decent handling the entire market for tuned mustangs went belly up.
I used to see Saleens on the road when it was a new car being sold from the Ford dealer with the tuning already applied. Now we don't see Saleens on any lots down here in Louisiana.

Frankly, it doesn't bother me much at all. I'm plenty happy with what Ford has done for itself and the progress of the Mustang. 👍

 

[RACECAR]

So if that tuning market is gone, does that also mean the likes of Roush is also...obsolete in that regard?

 

[Eunos_Cosmo]

So if that tuning market is gone, does that also mean the likes of Roush is also...obsolete in that regard?

I kind of think so. It seems local tuning shops have completely taken over in the last 10 years (more personalized tuning, probably better results too) in addition to the fact that the cars are so damn good from the factory.

I think the 2003 Cobra marked the beginning of the end of Saleen & Roush.

 

[Badasp5.0]

Yep their business model should go more to selling quality aftermarket parts vs turnkey cars.

 

[RACECAR]

Wonder what that would mean for Shelby American. Sure they still have the business of the Cobras so they aren't completely out of usefulness, but surely that Mustang link was a massive deal considering that partnership extends well before Roush and Saleen.

 

[Badasp5.0]

Wonder what that would mean for Shelby American. Sure they still have the business of the Cobras so they aren't completely out of usefulness, but surely that Mustang link was a massive deal considering that partnership extends well before Roush and Saleen.

Shelby American has been branching out to other products Foci and F-150s but also their licensed products/parts should keep them afloat since their tuner Mustangs were expensive also rans.

 

[JMoney]

Guys, this is what happens when you try to tune an electric car.

You go bankrupt.

*drops mike*

 

[Turtle]

*Sighs loudly*

 

[Tornado]

Wonder what that would mean for Shelby American. Sure they still have the business of the Cobras so they aren't completely out of usefulness, but surely that Mustang link was a massive deal considering that partnership extends well before Roush and Saleen.

Looks like they'll just keep selling parts from the Ford Racing catalogue with 200% markup.

 

[Omnis]

Wonder how long they'll be around before they go defunk.

I don't want to hate you, but I really do.

Anyway, this is not surprising. The last saleens that were on the road were all traded in during Cash for Clunkers.

Any car company that makes more appearances than vehicle sales is bound to fail.

 

[RocZX]

Saleen Selling Intellectual Rights and Assets for S7 and S5S Raptor

Saleen is selling both the assets and the intellectual rights to the Saleen S7, S7R, and S5S Raptor supercar series.
Auction company GA Global Partners is offering a large lot of Saleen S7 and S5S Raptor parts and assets. Included in the sale is the memorabilia, molds, designs, and rights to the supercars. Six leftover chassis/frames for the S7 and S7R, are included, along with the sole S5S Raptor. While it sounds like the recipe for building your own supercar company, the auction company instead emphasizes the historical value of the sale: "These prized assets have been kept in safe storage for the past five years which makes this a truly rare and historic opportunity to own all assets and rights to the first 'Great American Supercar,'" GA Global Partners CEO Adam Alexander said in a statement.

Automobile Mag
http://gaauction.com/event/saleen-s7/

 

[Eunos_Cosmo]

I don't think anyone would buy the S5S rights for the price I'm sure Saleen is wanting. It wasn't exactly significant/complete/nice/interesting.

The S7....maybe. I'm guessing this is a desperate last minute effort to raise capital and save the company. But for what purpose? I think all aboard the Saleen train should think about that. The company failed because they were making a product that nobody wanted. I doubt that will change even if they raise enough money to save the company....which I'm betting they wont.